China cancels soy orders as losses mount in crushing
Soybean importers in China are pushing to postpone or cancel cargoes as they rack up hefty losses processing soybeans into cooking oil and animal feed ingredients, Reuters reported last week. The cancellations so far have been mainly ordered from suppliers in Brazil, the report said.
China, which buys around 60 percent of soybeans traded worldwide, took advantage of strong crushing profits at the beginning of the year and lower prices following bumper harvests in Brazil to aggressively buy the oilseed.
But those profits have swung to the biggest losses in nearly three years after China’s edible oil markets were flooded with rapeseed oil auctioned from national...
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